dpdawson's trading journal

[dpdawson]

I don't think so.

I have no idea who newstraderfx is.

[dpdawson]

Went short 1 lot of GBP/USD at 1.9609.

Pair is in down trend and BOE might follow the FED and cut rates to give this trade a nice little push down. (Long term trade)

Preliminary stop loss at 1.9810 and target around 1.9200.

[Fetor]

Originally Posted by dpdawson

Went short 1 lot of GBP/USD

Is the GBPUSD the pair you focus on the most?

[dpdawson]

Originally Posted by Fetor

Is the GBPUSD the pair you focus on the most?

No, I am focusing on GBPJPY for (pretty much) purely technical trading, but if I see an opportunity presented by the fundamental makeup of the market, I might throw a lot or two at different pair.

Oh, and I made 18 pips trading the GBPJPY crazy swings today.

[NickB]

I never much believed in trading fundamentals on such a small scale. I use fundamentals for long term swings but on the smaller time frames (4hr) it is all about the techs.

[dpdawson]

On such a small scale?

For me it is more about having something on the line vs. just having an opinion. This way I can judge how well I analyze the fundamentals in concrete terms. What does the scale have to do with anything? Starting with a 400 pip target isn't big enough to make a longer term trade worth it?

[NickB]

Direct impact economic releases aside fundamentals tend to have a more long term impact on the market. So when you are taking longer term trades it is worth doing some analysis but on the day trading level (stay in for 1-12 hours) I seem fundamentals as near useless.

[Fetor]

When you are in a trade think about how you feel the first 12 hours of that trade. Hell, you are checking it every 5 seconds, watching it, caressing it, talking sweet to it. So is every other trader. Sentiment drives the price in the short term so profoundly fundamentals are near non-existent except with a major news release and even then you may have a strong release turn right back around and bite your head off just because.....people freak out, banks freak out, investors freak out.

[dpdawson]

I don't check my (non-scalp) trades every 5 seconds. I plan them, enter them, set my alarms/stops, forget them, and look for more opportunities.

When I say long term, I mean that I believe that dollars will be worth more vs. pounds at the end of the year than they are right now. If the trade goes significantly in my direction, I might think about adding to it, but I am getting stopped out or making hundreds (or thousands) of pips no matter what. This is an experimental long term play.

Am I misunderstanding you guys or are you guys misunderstanding me?

Oh, and

[dpdawson]

Went long 1 lot of G/J at 210.4 (break of the resistance at 210.1)

Stop loss: 209.95
Target: 212